OVERVIEW Our 2012 counterparty criteria constrain our ratings on the senior classes of notes in Sestante Finance's series 1, 2, 3, and 4 to our long-term issuer credit rating on Commerzbank, as swap counterparty, plus one notch. On Feb. 7, 2012, we placed on CreditWatch negative our 'A/A-1' long- and short-term counterparty ratings on Commerzbank. Consequently, we have today placed on CreditWatch negative our 'A+ (sf)' ratings in Sestante Finance's series 1, 2, 3, and 4 due to the link between our ratings on these notes and our long-term issuer credit rating on the swap counterparty. At the same time, we have placed on CreditWatch negative our ratings on the class B, C1, and C2 notes in Sestante Finance's series
